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Shares of Alphabet Inc. (NASDAQ:GOOGL) are in the spotlight on Wednesday. The company said it reached a landmark with one of its computing algorithms that will have implications on artificial intelligence.
What To Know: Google said it developed an algorithm that can be applied to practical applications for quantum computing. It will be able to generate unique data to use for artificial intelligence.
Called Quantum Echoes, it runs 13,000 times faster than the most sophisticated classical computing algorithm on supercomputers. It may be used in the future to measure molecular structures that can aid in drug discovery by identifying new materials.
The stock was roughly flat after the announcement, according to Benzinga Pro.
GOOG Analysis: Google is trading approximately 7.7% above its 50-day moving average of $234.04, indicating a bullish trend in the short term. The stock is also significantly above its 200-day moving average, which stands at $191.06, highlighting a strong long-term upward momentum.
In terms of support and resistance levels, the immediate support is identified at $236.68, while resistance is seen at $252.20. As the stock approaches this resistance level, a breakout above $252.20 could pave the way for a test of the 52-week high at $257.88. Conversely, if the price retraces, the support level at $236.68 will be critical for maintaining the bullish trend.
GOOG Price Action: Alphabet shares were flat at $250.30 at the time of publication on Wednesday. The stock is approaching its 52-week high of $257.88, reflecting strong investor sentiment and confidence in the company’s growth trajectory.
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Posted In: GOOGL
